# Pricing

Premium/Discount % = (Market Price − NAV) ÷ NAV × 100

NAV = (Market Value of All Securities + Cash & Equivalents − Fund Liabilities) ÷ Total Shares Outstanding

Net Asset Value

$$
\text{NAV} =
\frac{
\text{Value of Assets of a Share Class}
---------------------------------------

\text{Liabilities of the Share Class}
}{
\text{Number of Outstanding Shares of the Share Class}
}
$$

Bid-ask spread

Spread % = (Price − NAV) ÷ NAV × 100

Bond Investment Value

Sv (t) = Σ<sub>t=1</sub><sup>n</sup> c / (1 + r)<sup>t</sup> + p / (1 + r)<sup>n</sup>

P = par value
\
r = discount rate
\
C = coupon rate
\
n = number periods to maturity

Bond price

Bond Price = C\* ((1-(1+r)^-n)/r )) + F/(1+r)^n\
F = Face / Par value of bond,\
r = Yield to maturity (YTM) and.\
n = No. of periods till maturity\
C= Periodic coupon payments

Bond Price = ∑ (Present Values of Cash Flows) + Present Value of Face Value

**Coupon Rate (%) =** Coupon **÷** Bond Par Value\
**Current Yield (%) =** Annual Coupon **÷** Bond Price\
**Current Yield =** (Coupon Rate **x** Par Value) **÷** Bond Quote<br>


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